The New York Pooled PRI Fund
In late 2014, SeaChange launched the New York Pooled PRI Fund (NYPRI) with funding from the foundation and three other funders. NYPRI seeks to make flexible, high impact investment capital available to organizations working with and on behalf of underserved youth and families in New York City. These investments primarily focus on nonprofits, though for-profits doing similar work with an explicit social purpose are also considered.
The foundation helped launch NYPRI to fund investments that, despite offering an attractive balance of social-return and financial-risk, are poorly suited to grant funding and in many cases require more flexibility and/or risk-tolerance than traditional commercial lenders will undertake. SeaChange is working with the foundation to meet this funding gap by collectivizing the sourcing, evaluation, structuring, and management of investments made by NYPRI, while the foundation retains the flexibility to choose individual investments based on their potential social impact and associated financial risk.